10th Sep 2014 12:04
LONDON (Alliance News) - BP PLC's chief executive on Wednesday said the oil group backs a 'No' vote in the upcoming independence referendum in Scotland and gave its backing to the statements made by Ian Wood that the forecasts from the 'Yes' camp on future revenues from the North Sea have been inflated.
Bob Dudley, the Chief Executive of the FTSE 100-listed oil company, said BP "believes that the future prospects for the North Sea are best served by maintaining the existing capacity and integrity of the United Kingdom".
Dudley also said the group backs the assertion made earlier today by Ian Wood, the former chairman of FTSE 250-listed oil and gas services company John Wood Group PLC, who claimed Scottish voters have been mis-led and influenced by inaccurate forecasts from a Yes campaign sponsored report which promised a new oil boom for an independent Scotland.
"BP has been in the UK North Sea for 50 years and we hope to operate here for many years to come. However, the province is now mature and I believe Sir Ian Wood correctly assesses its future potential," said Dudley. "Our business invests for decades into the future. It is important our plans are based on a realistic view of the North Sea?s future potential and the challenges the industry faces in continuing to operate here."
"The opportunities today are smaller and more challenging to develop than in the past. We also face the challenges of extending the productive life of existing assets and managing the future costs of decommissioning. Much of this activity requires fiscal support to be economic, and future long-term investments require fiscal stability and certainty," he said.
BP owns interests in a number of projects in the North Sea, including the Clair Ridge field, the Kinnoul field and the Quad 204 project in the Schiehallion field.
BP shares were up 1.1% to 472.15 pence on Wednesday, putting it among the top five risers on the FTSE 100.
By Sam Unsted; [email protected]; @SamUAtAlliance
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